Senate Finance lawmakers press Froman on Cayman investments

Baucus argued though that his investment has raised questions among panel members and wanted to know why he should believe it is on the up-and-up. 

“I’m no tax expert and I can’t speak for other activities in Caymans,” said Froman, who reiterated that he has released all details of the investment and has paid the necessary taxes. 

“I’m not aware of any tax benefit I received from investment in the fund.”

The issue is not expected to trip up the nomination with most lawmakers on the panel expressing support for his confirmation.

Hatch mostly directed his vitriol at the president for tapping another Cabinet-level nominee who also holds offshore funds, especially those registered with the much-maligned Ugland House. 

“Now, I don’t raise these issues to suggest that Mr. Froman has done something wrong or that he has not complied with our tax laws,” Hatch said.

“Instead, I simply want to point out what appears to be hypocrisy on the part of President Obama and his administration.”

Hatch said Obama repeatedly slammed GOP presidential hopeful Mitt Romney for funds he had in the Caymans. 

Treasury Secretary Jack Lew was questioned by the panel during his confirmation process about similar investments he made, also during his time at Citi. 

Still, Hatch the argued that the committee “shouldn’t let the administration’s contradictory statements distract us from trying to help grow our economy through trade.”

“And despite any disagreements I might have with the Obama administration’s rhetoric, I believe this nomination should be considered on its own merits.”